HOSPITALITY group CLG and developers Moda have lodged an initial town planning application submission with Bass Coast Shire for the iconic Isle of Wight Hotel.
The Financial Review is reporting that the project will be worth $130 million if it receives Council approval.
The proposed project aims to build a brand new hotel, dining and retail precinct.
The proposed plans include a circa 160-room hotel, ground floor F&B facilities, a signature restaurant, a large-scale event space, a wellness centre and pool deck.
The 8600sqm plus parcel of land fronts The Esplanade and Bass Avenue and was once home to Phillip Island’s first hotel, the iconic Isle of Wight, which opened in 1870 before being destroyed by a fire in 1925 and again, in 2010.
“Along with returning The Isle of Wight Pub, our proposed development seeks to incorporate hotel accommodation, a dining precinct overlooking the beach, extensive event facilities, and a laneway retail precinct set to include a wellness centre and other speciality stores, providing an estimated $55-$76M boost to the local economy annually,” Moda Managing director Ed Farquharson said.
It is anticipated the development would provide almost 150 employment opportunities.
The site was purchased in January 2021 by Moda Phillip Island Pty Ltd which comprises, Moda, Salta Capital and Tabet Development Group, with CLG planning for a 2025 opening date.
Project makes national news
Australian Financial Review journalist Larry Schlesinger is reporting that the project has seen “billionaires Chris Morris and Sam Tarascio” join forces on a proposal that will feature an upmarket restaurant, large-scale event space, a state-of-the-art wellness centre and a pool deck overlooking the ocean was lodged this week with the Bass Coast Shire Council.
The proposed hotel will include a pool deck overlooking the ocean.
“It follows the Tarascio family’s Salta Capital partnering with Melbourne hospitality investor Mazen Tabet’s Tabet Development Group and local developer Moda on the $11 million acquisition of the vacant 8625 sq m site on The Esplanade in Cowes in January 2021,” according to AFR.
They reported that the project at Cowes follows a trend by well-healed groups investing and reviving iconic hospitality venues, and they say there is plenty of hospitality experience behind the proposed on The Esplanad.
“Mr Morris’ CLG operates a portfolio of upmarket pubs including the Portsea Hotel in Sorrento and the Albert Park Hotel in Melbourne. Mr Tabet owns the Village Belle Hotel in St Kilda, Portsea Hotel freehold and the Royce Hotel on St Kilda Road.
The Tarascio’s Salta Properties has undertaken a number of hotel developments including the Tribe Perth hotel, while developer Moda is best known for its luxury apartment projects in inner Melbourne.
Moda managing director Ed Farquharson said the proposed development would mark the welcome return of a landmark Phillip Island tourism destination.
“The Isle of Wight Hotel was an icon of Cowes for many decades,” Mr Farquharson said.
The Isle of Wight hotel was destroyed in a fire in 2010 and the site has remained vacant since, going through the hands of a number of owners, with at least one major project shelved along the way.
The consortium is looking at “capturing the nostalgia and spirit of the original hotel and bringing it back to life with new energy for a whole new generation”.
Among the hotel’s most famous guests were Hollywood stars Fred Astaire, Ava Gardner and Gregory Peck when they were in town to film "On the beach”, although Ms Gardner was, reportedly, uncomplimentary of Phillip Island, rating it lowest on the list of beach areas she had visited, although not in those words.
The Isle of Wight was also famously owned by Australian champion tennis player Frank Sedgman.
